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Average Home Values and Ownership in Zip Code 28211: A Decade of Dynamic Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 28211, located in Charlotte, North Carolina, has experienced significant changes in its housing market over the past decade. This area has seen a steady increase in average home prices, while ownership percentages have remained relatively stable with a slight decline in recent years. Average rent prices have also shown an upward trend, reflecting the dynamic nature of this Charlotte neighborhood.
The homeownership rate in zip code 28211 has experienced a slight decline from 60% in 2013 to 58% in 2022. During this same period, average home prices have shown a remarkable increase. In 2013, the average home price was $360,172, and by 2022, it had risen to $754,645, representing a 109.5% increase over nine years. This substantial growth in home values, despite a minor decrease in homeownership, suggests a strong demand for properties in this area, possibly driven by its desirable location within Charlotte.
Federal interest rates have played a role in shaping homeownership trends in zip code 28211. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership remained steady at 60%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates remained stable. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight decrease in homeownership to 57% in 2021, possibly due to increased competition in the housing market as more buyers entered with favorable financing conditions.
The rental market in zip code 28211 has also seen significant changes. The percentage of renters increased slightly from 39% in 2013 to 42% in 2022. During this period, average rent prices rose from $1,081 in 2013 to $1,509 in 2022, an increase of 39.6%. This growth in both renter percentage and average rent prices suggests a strong demand for rental properties in the area, potentially driven by the increasing population, which grew from 29,292 in 2013 to 32,089 in 2022.
In 2023 and 2024, the housing market in zip code 28211 continued its upward trajectory. The average home price reached $784,573 in 2023 and further increased to $834,764 in 2024, representing a 6.4% year-over-year growth. This growth occurred despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, indicating the area's resilience and sustained demand for housing.
Looking ahead, based on historical trends and current market conditions, we can expect the average home prices in zip code 28211 to continue rising over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also likely to increase, driven by population growth and the area's desirability. However, the rate of increase may slow down as the market adjusts to economic conditions and housing supply changes.
In summary, zip code 28211 has demonstrated a robust and growing housing market over the past decade. The area has seen substantial increases in both average home prices and rent prices, while maintaining a relatively stable balance between homeowners and renters. The continued price growth in 2023 and 2024, even in the face of rising interest rates, underscores the strong demand for housing in this Charlotte neighborhood. These trends suggest that zip code 28211 remains an attractive area for both homeowners and renters, with potential for further growth in the coming years.
